The World Bank has chosen the Commonwealth Bank of Australia to help organize a new Ethereum blockchain bond denominated in Australian dollars. The bond is projected to raise between $ 50-$ 100 million, and proceeds will go towards sustainable development initiatives.

The World Bank recently said they have chosen the Commonwealth Bank of Australia (CBA) to become the sole arranger of a new blockchain bond that will be issued on Ethereum. Both entities are set to launch the bond after consulting with investors. Read more...

Maerki Baumann — a private bank based in Zurich, Switzerland — has announced it will manage its clients’ cryptocurrency assets. This makes it the second Swiss bank to make such an announcement following Hypothekarbank Lenzburg (Hypi), which stated in June that it would open business accounts for cryptocurrency companies.

The bank recently published an article on its website entitled, “Cryptocurrencies — What Exactly Are They?” Written by the company’s deputy head of IT and digitization Milko G. Hensel, the article offers a brief description of some of the world’s best-known and most established digital currencies, such as bitcoin and ether. It then explains that, while the bank is prepared to “accept funds generated through cryptocurrencies,” it does not condone investing in cryptocurrencies given their volatility and speculative natures. Read more...

Yet another major Swiss bank, Maerki Baumann Private Bank in Zurich, announced it will begin accepting cryptocurrency.

Setting the Tone?

In July 2017, Switzerland’s Falcon Private Bank announced that it will be storing and trading Bitcoin within its very own asset infrastructure, challenging the status quo as most banks in the country refuse to accept cryptocurrencies.

Now, another major bank – Maerki Baumann Private Bank in Zurich, will be accepting digital currencies. The only condition is that they would have to be received for a service or from successful mining. The mechanisms, which the bank will use to authenticate the origin of the cryptocurrencies, are yet to be revealed. Read more...

Coming off fresh first quarter losses undeterred, giant cryptocurrency merchant bank, Galaxy Digital, began trading on the Toronto Stock Exchange August, 1, 2018. It is one of the earliest banks in the crypto space to achieve such a listing. Many eyes are watching to see what will become of the relationship between legacy financial institutions and digital assets.

‘Agile, Efficient and Transparent’

Australia’s Commonwealth Bank has successfully shipped and tracked seventeen tonnes of almonds in a blockchain-based collaboration with five domestic and international supply chain leaders. The platform used purportedly utilizes distributed ledger technology, smart contracts, and the internet of things (IoT).

India’s central bank told the country’s supreme court on Friday that “allowing dealings in cryptocurrencies like bitcoin would encourage illegal transactions.” Other crypto petitions being heard include one asking the government to “take emergency steps to restrain the sale and purchase of illegal cryptocurrencies.”

RBI’s Argument

The Reserve Bank of India (RBI), the country’s central bank, appeared before the supreme court Friday to defend its position regarding cryptocurrencies. RBI issued a circular on April 6 banning financial institutions under its control from providing services to crypto companies. Read more...

The State Bank of Vietnam (SBV); the country’s central bank, has adopted the Finance Minister’s call for a prohibition on the importation of cryptocurrency mining rigs.

SBV Sides with MoF and MoIT

In June 2018, Vietnam’s Ministry of Finance (MoF) called for a ban on the importation of cryptocurrency mining rigs. The call came after Prime Minister Nguyen Xuan Phuc mandated state officials to develop stricter regulations for the market.

The MoF determined that cryptocurrency mining hardware, though not on the list of contraband materials, provided a means for people in the country to use virtual currencies as a secondary payment method. Considering that cryptocurrencies are illegal in Vietnam, the MoF sounded the call for a ban on crypto miner imports. Read more...

SBS Bank in New Zealand seems to be considering using blockchain technology as a way to provide an improved user experience for their clients.

While some financial institutions are vehemently denying their customers’ interest in cryptocurrencies, New Zealand’s SBS Bank is taking a more pro-active approach.

According to The Southland Times, virtual currencies and blockchain technology were two of the topics discussed at the bank’s recent annual meeting. While the former still has the power to elicit skepticism, the latter is definitely a keen point of interest. The bank’s group chief executive, Shaun Drylie, explained: Read more...

The UK’s Barclays, arguably the most powerful international corporate bank in the world, filed two crypto-related patents this week. The 300 year-old legacy bank gobbled up exclusivity over cryptocurrency transfers and distributed ledger data storage. There appears to be a trend for companies, both in and out of the ecosystem, aiming to lock up the potential of money’s future.